Granahan Investment Management LLC Has $120.59 Million Stake in Magnite, Inc. (NASDAQ:MGNI)

Granahan Investment Management LLC increased its stake in shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) by 7.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,128,749 shares of the company’s stock after buying an additional 646,392 shares during the quarter. Magnite comprises approximately 3.0% of Granahan Investment Management LLC’s holdings, making the stock its 8th largest position. Granahan Investment Management LLC owned 0.07% of Magnite worth $120,591,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Hsbc Holdings PLC grew its stake in Magnite by 9.6% during the 1st quarter. Hsbc Holdings PLC now owns 138,305 shares of the company’s stock worth $1,862,000 after buying an additional 12,125 shares during the last quarter. Meros Investment Management LP grew its stake in Magnite by 59.7% during the 1st quarter. Meros Investment Management LP now owns 327,068 shares of the company’s stock worth $4,320,000 after buying an additional 122,323 shares during the last quarter. Renaissance Technologies LLC grew its stake in Magnite by 138.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,964,654 shares of the company’s stock worth $25,953,000 after buying an additional 1,141,790 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Magnite by 2.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 866,706 shares of the company’s stock worth $11,450,000 after acquiring an additional 24,728 shares during the period. Finally, Edenbrook Capital LLC boosted its position in Magnite by 12.3% during the 1st quarter. Edenbrook Capital LLC now owns 3,106,901 shares of the company’s stock worth $41,042,000 after acquiring an additional 340,485 shares during the period. 65.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MGNI shares. Benchmark started coverage on Magnite in a research report on Wednesday, July 13th. They set a “buy” rating and a $18.00 price target for the company. Truist Financial reduced their price target on Magnite from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, August 2nd. Needham & Company LLC reduced their price target on Magnite from $25.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, July 6th. TheStreet lowered Magnite from a “c-” rating to a “d+” rating in a research report on Thursday, June 2nd. Finally, Susquehanna Bancshares reduced their price target on Magnite from $24.00 to $13.00 and set a “positive” rating for the company in a research report on Wednesday, August 10th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $19.40.

Magnite Stock Up 3.6 %

Shares of Magnite stock opened at $7.70 on Friday. The stock’s fifty day moving average is $8.34 and its 200-day moving average is $10.31. The firm has a market capitalization of $1.02 billion, a PE ratio of -10.85 and a beta of 2.03. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.88. Magnite, Inc. has a 12-month low of $7.06 and a 12-month high of $32.43.

Magnite (NASDAQ:MGNIGet Rating) last announced its earnings results on Tuesday, August 9th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.04). The company had revenue of $123.26 million for the quarter, compared to analyst estimates of $126.86 million. Magnite had a positive return on equity of 5.21% and a negative net margin of 17.01%. The firm’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period last year, the firm earned $0.05 earnings per share. Equities analysts anticipate that Magnite, Inc. will post 0.34 earnings per share for the current year.

Magnite Company Profile

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Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties, to manage and monetize their inventory; and provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

Further Reading

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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